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Daily Market Update April 29, 2019

Early Morning Update

The Jun19 natural gas contract is trading down $0.02 at $2.55. The Jun19 crude oil contract is down $0.30 at $63.00.

 

Summary

On Friday, the May 2019 NYMEX natural gas futures price expired as the prompt month, up more than five cents on the day to settle at $2.566/MMBtu. Weather forecasts have continued to cool for the northern half of the country, bringing with them the potential for bolstered demand due to late season heating. The remaining warmer temperatures have moved to the Southeast region for the next couple of weeks. Last Thursday, the U.S. Energy Information Administration reported a 92 Bcf injection into storage, erasing the deficit to last year, and bringing inventories to a surplus of 55 Bcf (4.3%). With cooler temps returning to the Northeast, a major demand center for natural gas, we could see injections begin to dwindle from their record highs for this time of the year, possibly adding upward pressure to this summer’s pricing. The Corpus Christi LNG export facility has returned to service after some maintenance activities. Both LNG and exports to Mexico have begun to return to their record highs. Total U.S. dry production remains high, but rangebound, averaging between 86-87 Bcf/d over the past week.

 

Market Update 042919

Market Settles 042619

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